Gold Edges Higher Ahead of January Jobs Report

by Christopher Freeburn | February 6, 2014 4:36 pm

Gold Edges Higher Ahead of January Jobs Report

PreciousMetalsRecap Gold Edges Higher Ahead of January Jobs Report[1]Gold gained fractionally in light Thursday trading as investors awaited Friday’s release of U.S. hiring data for January.

The Labor Department’s December jobs report showed a sharp slowdown[2] in U.S. employment growth. If last month’s jobs report shows similarly weak job numbers, it could influence the U.S. Federal Reserve to hold off on any additional tapering of its monthly stimulus. Conversely, stronger job growth could encourage the Fed to continue cutting back its stimulus. Fed officials have said that U.S. job growth is a key metric for determining how much tapering will occur.

Gold futures for April delivery rose 30 cents to $1,257.20 per ounce on Thursday, according to CME Group[3]. Gold traded as high as $1,267.50 and as low as $1,252.50. Bullion closed in London at $1,259, according to BullionVault[4].

Silver futures for March delivery gained 0.6% to $19.93 per ounce. Thursday’s high for silver was $20.18, while the low was $19.83.

Metal funds were mixed on Thursday.

Mining ETFs were mostly higher during the day.

Gold stocks were mixed on Thursday.

Silver mining shares mostly gained during the day.

As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[24] contributed to this report.

Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
  2. showed a sharp slowdown: http://investorplace.com/2014/01/december-jobs-report-2014/#.UvP8MnlhOf0
  3. CME Group: http://www.cmegroup.com
  4. BullionVault: http://www.bullionvault.com
  5. GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
  6. IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
  7. SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
  8. GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
  9. GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
  10. SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
  11. AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
  12. ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
  13. EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
  14. GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
  15. KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
  16. NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
  17. NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
  18. AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
  19. CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
  20. HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
  21. PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
  22. SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
  23. SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
  24. BullionVault: http://www.bullionvault.com/

Source URL: http://investorplace.com/2014/02/gold-edges-higher-ahead-january-jobs-report/
Short URL: http://invstplc.com/1nXJoFc